SBI and R3 ‘strike a chord’ through Corda

Japanese financial services major SBI Holdings announced on 29 January, its partnership with an enterprise blockchain software firm, R3, to accelerate the adoption of Corda blockchain in Japan. Likewise, R3 also declared this news in their portal.

The joint venture officially christened as SBI R3 Japan Co., Ltd has the vision of providing distributed ledger technology (DLT) to platforms like Corda and other related business. The partnership will attempt to foster usage and support for Corda Enterprise.

Yoshitaka Kitao, CEO of SBI Group said:

“SBI strongly commits in the support for establishment of framework / partnership for the well-development of R3’s Corda in Japan and East Asian Region.”

Yoshitaka headlined that SBI has been actively participating in the consortium led by R3 right from the time R3 set up a Lab and Research Center to work on blockchain projects. SBI decided on investments when R3 envisioned Corda which SBI saw as having a great future for financial infrastructure.

David E. Rutter, CEO of R3 also commented praising SBI as one of R3’s biggest benefactors. David added that this cooperation between the firms generates a ‘compelling and unique offer’. David vouched on making Corda the default choice for enterprise blockchain in the region.

R3 continued in their portal that they would work hand-in-hand with SBI to advocate enterprise blockchain. SBI would be able to leverage its vast regional contacts with financial institutions and corporates to foster prolific usage of Corda.

The potential benefits of using the Corda ecosystem are manifold. Firms will have access to diverse applications and thousands of developers. They will also be able to join over 300 of the world’s financial services firms, central banks, technology firms, regulators, and trade associations by working with R3.

R3 develops projects in a wide range of business areas using DLT such as syndicated loans, trade finance, insurance, real estates, supply chains and related. Corda and Corda Enterprise are the cornerstone of a feature-packed collection of interoperable cum customizable global applications for enterprise use.

In a bid to further spread its wings, this venture would look forward to promoting its business in the Eastern Asian Region. SBI concluded that it would look forward to more investments and partnerships with companies related to digital asset platforms.

The open-source blockchain platform Corda that is developed and maintained by R3 promises great productivity gain. It is a refreshing development that a finance major has recognized the value of Corda and bent on wider outreach in Japan. The time may not be far when this enterprise product would have a global appeal.